ERM Exam) Part 2 COMPUTATION 1. On March 1, Mr. Jones invested P250,000 to the his newly formed business JO-NES Hair Salon 2. On March 2. he rented a space for his business in Candon City and paid P19,500 for 3 months 3. On March 4, bougth different parlor equipment, etc. for P95,000 to be delivered in 5 days 4. On March 5, contracted with carpenters to repair and set-up his salon and paid P75,000 5. On March 6, Mr. Jones convinced Ms. Nescampo to be his partner in business and invessted P250,000 6. On March 7, the business paid all the necessary licences, etc. for P13,500 7. On March 8, the business opened and recorded P25,500 income for the day 8. On March 15, the business recorded an accommulated income from March 9-15, P138,000 9. On March 16, the business deposited all income received to the BDO. 10. on March 31, recorded the following: Payment for electricity 5,600.00 Payment for salary 40,000.00 Payment for water 1,500.00 Income for March 16-31 P225,000.00 Payment for communication P 1,600.00 GENERAL JOURNAL ENTRIES Cash in Bank - BDO Cash on Hand Equipment Mr. Jones, capital Mrs. Nescampo, capital Prepaid Expenses Repair and Maintenance Salary & Wages Service Income Utility Expenses GENERAL LEDGER ENTRIES Cash in Bank - BDO Cash on Hand Equipment Mr. Jones, capital Mrs. Nescampo, capital Prepaid Expenses - licenses Repair and Maintenance Salary & Wages Service Income Utility Expenses - electricity Utility Expenses - communication Utility Expenses - water Debit Creddit 1 1 1 2 1 1 3 1 1 4 1 1 5 1 1 6 1 1 7 1 1 8 1 1 9 1 1 103 2 Soon Total Debit & Credit 1,303,700.00